CalPERS Looking For Real Estate Advisors

CalPERS Are you looking for easy money and a low bar?

Then CalPERS, the massive public employee retirement plan in California, may have the gig for you. They are looking for real estate advisor’s to guide there investments.

California Public Employees’ Retirement System(CalPERS) is looking to add real estate advisors to its special projects’ spring-fed pool, IM Weeklyreports. The plan does not have a fixed number of consultants, who will join the spring-fed pool.via emii

But don’t worry, if past results are indicative of future earnings, you can last a few years in this lucrative position if you lose less than 500 million dollars. That is what the previous advisors from Black Rock Inc. lost the pension as they advised them to invest in the Stuyvesant Town and Peter Cooper Village Project with Tishman Speyer Properties and themselves.

Can you do any worse? If you can bring a deal to the table that would lose only 100 million or so you may have a pretty healthy gig on your hands with CalPERS.

The California Public Employees’ Retirement System officially has lost a $500-million stake in the biggest deal ever in the U.S. for a single piece of residential property.

The owners of Stuyvesant Town and Peter Cooper Village, a complex of 56 buildings with 11,000 rental units near the East River in Manhattan, have agreed to turn the property over to creditors after defaulting on $4.4 billion in debt.

CalPERS had committed 26.5% of the partnership led by Tishman Speyer Properties and Black Rock Inc., one of the fund’s real estate investment advisors. “This was one of our investments when the real estate market was peaking during 2005 and 2006,” said Clark McKinley, a CalPERS spokesman. “Performance was negatively affected by the aftershock of the market collapse. via LATimes.com

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CalPERS Looking For Real Estate Advisors